If you make use of a FSA, then you need to be taking advantage of the benefits this type of account provides you with. For those who don’t know, a flexible spending account is an account that is set up by your employer and gets money deposited into it directly from your paycheck each pay period. The money is deposited into the FSA before taxes are taken out of it as well, so you will never have to worry about paying taxes on your FSA funds when making either deposits or withdrawals; however, the only thing you are able to use the funds in your FSA for is health care expenses. Copays, prescription drugs, glasses, prescribed dental care products, and many other things can be paid for with the funds from your FSA, but insurance premiums cannot be paid for.
If you don’t already have a FSA, then you might be wondering what all it covers and what the pros and cons of having one are. Here are some of the main things you want to know about before speaking to your employer in regards to starting a FSA:
After learning about flexible spending accounts, you may be wondering if it’s worth it to sign up for one with your employer. Many people get worried when they hear that their money in the account will expire if they don’t use it before the end of the year. However, people who suffer from chronic illnesses or get sick frequently can definitely benefit from using a FSA account. They will be able to save money on their taxes and also on the items they need to get from their doctor in Miami Beach. If you are still unsure if a FSA is right for you or not, then speak to your employer and ask any questions you may still have.